Prepare an income statement for a small business Essay - 1

Prepare an income statement for a small business - Essay Example In most instances, marketing is also used by marketers as an approach to retain more customers. Therefore, the success of a small business significantly relies on the marketing procedure. Marketing also boosts the sales of a business since, more people will be aware of the product being sold. This also builds a strong reputation of the company. Small businesses also rely on marketing research because; in most cases, the small businesses are found in challenging situations. Businesses should conduct adequate research to ensure a strategic marketing procedure. In marketing, customer segments should be measurable. This means that they should be large enough to constitute a market. The marketer usually faces a challenge when determining how to segment a market. This is because marketing segmentation enables a business to develop effectively. On the other hand, if the marketer is unsuccessful in the marketing segmentation, then, the business can incur collosal losses (Longenecker, Moore, & Petty, 2002). Market segmentation is a way of fine-tuning the target market. An unsegmented strategy is a strategy which identifies the total market as the target market. This strategy is also known as mass marketing. In some cases, this strategy can be productive to a company. However, it assumes that all clients share similar benefit from the products and services of the company. A multisegment strategy is defined as a strategy which recognizes different preferences of individual market segments and develops a unique marketing mix for each. Lastly, there is the single-segment strategy which usually involves the use of a single marketing mix for one market segment (Longenecker, Petty, Palich, & Hoy, 2012). For example, a pen store in the local area uses the unsegmented strategy since; the pen is promoted via a single medium and a broad distribution plan. This shows that only those who